Schnabel Sounds Alarm Over Energy Price Trends

European Central Bank Executive Board member Isabel Schnabel expressed concern over recent energy-price trends in a statement. The official noted that it's not just oil, but also diesel prices that are causing worry.

The refining capacities have reduced drastically and can't be rebuilt quickly, according to Schnabel, which has contributed to the rising costs.

The German official made these comments on Monday, September 14, in Berlin. The recent increase in interest rates by the ECB is a response to inflation concerns, but energy prices are another factor that officials are weighing.